Fleet Mortgages said it had lowered selected BTL rates by up to 0.15%. This includes its five-year fixed rate with a £3,999 fee, which is priced at 5.54%, and its no-fee equivalent comes to 5.74%.
Two- and five-year fixed HMO/multi-unit freehold block (MUFB) rates at 75% loan to value (LTV) now have an additional incentive of £1,000 cashback for each completed mortgage case. The fixed rates come with different percentage and fixed-fee options.
Fleet Mortgages said the cashback aimed to help landlords with upfront costs, especially valuation fees and other costs like conveyancing or licensing.
The above cashback can be used in conjunction with its green cashback product feature, which offers £1,000 for landlords who take a five-year fixed rate and improve the Energy Performance Certificate (EPC) rating to a C or above during the course of the fixed rate period.
If a property already has an EPC rating of A-C, it is not eligible for the green cashback.
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Steve Cox, chief commercial officer at Fleet Mortgages, said: “Following last week’s rate cuts, we have now been able to drop pricing on these 75% LTV HMO/MUFB products, which come with both a fixed-fee or zero-fee option.
“At the same time, we are adding a further cashback incentive. Upfront costs for landlord borrowers continue to rise, and it’s therefore important as a specialist buy-to-let lender that we look at options to help them in terms of helping cover these.
“The addition of £1,000 cashback to our two- and five-year HMO/MUFB fixes will certainly ease this financial burden, with landlord borrowers being able to put this money toward their valuation costs, for example, which tend to be higher for these types of properties.”
He added: “As specialists in this field, we’re acutely aware of the added complexity that can come with such properties, and we’re here to support advisers with our knowledge and experience, in order that they can present the right solutions and secure the right outcomes for these clients.
“If advisers are looking for support in this area, or in any other aspect of buy to let, then they should certainly contact their local external or internal Fleet business development manager (BDM), to see how we can help them grow their advice propositions and service these clients.”
ModaMortgages ups max LTV to 80%
Specialist lender ModaMortgages has increased the maximum LTV and is adding an 80% LTV fee-free option to its range of BTL deals and lowered limited-edition products.
The 80% LTV fee-free option is available for its core and limited-edition two- and five-year fixed rates.
Selected limited rates have fallen by around 0.1%, with two-year fixed rates and five-year fixed rates starting from 3.44% and 4.84%.
Darrell Walker, ModaMortgages’ group sales director, said: “We’re excited to be able to further expand our buy-to-let range by adding 80% LTV £0 fee options.
“The new option, combined with our recent launch of expanded fees, will give brokers even more choice when it comes to finding the right product for their clients.”
Zephyr cuts two-year fixed BTL rates
Zephyr Homeloans is lowering its two-year fixed BTL rates, with pricing now under 3% in some instances.
For properties with an EPC rating from A to C, its two-year fixed standard mortgage rate at 65% LTV with a 7% fee is 2.79%.
The lender’s two-year fixed rate mortgage for new builds and flats above commercial properties at 65% LTV with a 7% fee is also 2.79%, and its two-year fixed rate for HMOs and MUFBs at 75% LTV with a 7% fee is 2.94%.
For properties with an EPC rating of D or E, its two-year fixed standard mortgage rate at 65% LTV with a 7% fee sits at 2.89%, along with the product for new builds and flats above commercial properties.
The two-year fixed rate for HMOs and MUFBs at 65% LTV with a 7% fee is 3.04%.
Andrew Rowe, head of sales at Zephyr Homeloans, said: “We are continuing to fund rates that will help brokers to better service their landlord customers.”
Suffolk BS trims BTL fixed rates
Suffolk Building Society has lowered selected BTL and holiday let mortgages with 0.11% cuts, with the changes coming into force from 6 May.
Its two-year expat BTL fixed rate at 80% LTV will fall by 0.11% to 5.59%, while its two-year BTL fixed rate will decrease by up to 0.1% to 5.45%.
The lender’s BTL light refurb two-year fixed rate at 80% LTV will go down by 0.1% to 5.55% and its two-year fixed holiday let rate at 80% LTV will contract by 0.1% to 5.45%.
Charlotte Grimshaw, head of intermediary relations and mortgage sales at Suffolk Building Society, said: “Buy-to-let landlords have faced financial pressure from all directions in recent years, be it changes to the tax regime, or rising interest rates. One challenge that persists for them is passing interest coverage ratio (ICR) stress testing.
“By lowering rates across our popular two-year buy-to-let and holiday let products, we can help landlords improve their borrowing ability, without having to take a five-year fixed rate. We recognise their crucial role in the property sector, whether they have a holiday let, UK buy to let, or an expat buy-to-let mortgage.
“Expat buy to let is our second-largest lending area, with our combination of flexible criteria and manual underwriting making us a go-to home for so many expat cases. We’re keen to continue supporting brokers with clients in this complex market, and we understand the fine balancing act they face, so we’re pleased to be reducing rates on this range.”
Landbay cuts non-portfolio rates by up to 0.25%
Landbay has lowered rates across its non-portfolio range by up to 0.25%, which is aimed at landlords with three or fewer mortgaged properties.
The lender’s non-portfolio non-standard five-year fixed rate at 70% LTV with an automatic valuation model (AVM) and a 7% fee is 4.09%.
At 75% LTV with a 6% fee, the rate stands at 4.34%, and for its version with a 2% fee, the rate has fallen to 5.14%.
The firm’s standard five-year fixed rate at 55% LTV with a 7% fee is 4.19%, while its 2% fee version is 5.19%.
Rob Stanton, sales and distribution director at Landbay, said: “Our recent data has demonstrated the appetite that still exists among landlords to invest in property. As a buy-to-let lender, we’re not doing our job if we’re not making sure we support every corner of the market with relevant products and competitive rates.
“It’s great to be able to bring reductions to our non-portfolio range, which remains hugely popular as it answers a clear need and demand in the market.”
He added: “For the health and prosperity of the private rented sector, we absolutely need to be supporting landlords of all shapes and sizes, and equipping advisers with the broad product range that enables them to deliver the value that they offer. It presents a great opportunity to check out our enhanced affordability calculator – especially with a whole host of improvements and upgrades made.”
